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When i send all nessesary paper for the loan officer to get a pre-approval. Does it mean he/she will run the credit check which equally consider a hard enquiry ? Or when we officially file the loan application ?
Thanks Folks
Credit check (hard inquiry) is needed for the pre-approval.
Is it a bad idea to go to another lender within weeks for other approval ? I am concerned the amount of points drop in credit when doing all these inquiries. Do you know how many points i should expect to sacrificed ?
Thank for your help.
Mortgage inquiries made within the first 30 days after the initial mortgage inquiry should not further impact your scores (or so they say). Afterwards it depends on your credit profile - someone with excellent credit may only see 1-2 point hit... but someone with high utilization, late payments, etc. would probably see a larger hit.
IF you dont mind sharing...what is your middle FICO score. If it is over 740, dont worry about it. Your score wouldnt fall enough to impact approval even if you had many more inquiries and they each counted against you. However, be prepared to explain to the lender you go with as to why all the inquiries. You will have to do this to get final approval.
On Victor's note: if your score is low enough you have to worry about the score dropping with an inquiry, you probably aren't ready to buy a home.
There appears to be way to much emphasis on a single random credit pull. It's the "other stuff" you need ot worry about more.........like making your payments on time, opening new accounts, having balances at or above limit.
And, if you don't know your score, all the more reason to find out. No one wants to waste time (or gas).
What if one is responsible and has outstanding scores? What good is it for? Only for getting into more debt peonage. What a sham this is.
And yes, there are ancillary benefits such as better employment prospects and lower insurance rates.
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Meanwhile the Fed can simply scratch off a number from the debit side and move it to the credit side.
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